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Empirical Analysis on Bitcoin Price Change by Consumer, Industry and Macro-Economy Variables (비트코인 가격 변화에 관한 실증분석: 소비자, 산업, 그리고 거시변수를 중심으로)

  • Lee, Junsik;Kim, Keon-Woo;Park, Do-Hyung
    • Journal of Intelligence and Information Systems
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    • v.24 no.2
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    • pp.195-220
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    • 2018
  • In this study, we conducted an empirical analysis of the factors that affect the change of Bitcoin Closing Price. Previous studies have focused on the security of the block chain system, the economic ripple effects caused by the cryptocurrency, legal implications and the acceptance to consumer about cryptocurrency. In various area, cryptocurrency was studied and many researcher and people including government, regardless of country, try to utilize cryptocurrency and applicate to its technology. Despite of rapid and dramatic change of cryptocurrencies' price and growth of its effects, empirical study of the factors affecting the price change of cryptocurrency was lack. There were only a few limited studies, business reports and short working paper. Therefore, it is necessary to determine what factors effect on the change of closing Bitcoin price. For analysis, hypotheses were constructed from three dimensions of consumer, industry, and macroeconomics for analysis, and time series data were collected for variables of each dimension. Consumer variables consist of search traffic of Bitcoin, search traffic of bitcoin ban, search traffic of ransomware and search traffic of war. Industry variables were composed GPU vendors' stock price and memory vendors' stock price. Macro-economy variables were contemplated such as U.S. dollar index futures, FOMC policy interest rates, WTI crude oil price. Using above variables, we did times series regression analysis to find relationship between those variables and change of Bitcoin Closing Price. Before the regression analysis to confirm the relationship between change of Bitcoin Closing Price and the other variables, we performed the Unit-root test to verifying the stationary of time series data to avoid spurious regression. Then, using a stationary data, we did the regression analysis. As a result of the analysis, we found that the change of Bitcoin Closing Price has negative effects with search traffic of 'Bitcoin Ban' and US dollar index futures, while change of GPU vendors' stock price and change of WTI crude oil price showed positive effects. In case of 'Bitcoin Ban', it is directly determining the maintenance or abolition of Bitcoin trade, that's why consumer reacted sensitively and effected on change of Bitcoin Closing Price. GPU is raw material of Bitcoin mining. Generally, increasing of companies' stock price means the growth of the sales of those companies' products and services. GPU's demands increases are indirectly reflected to the GPU vendors' stock price. Making an interpretation, a rise in prices of GPU has put a crimp on the mining of Bitcoin. Consequently, GPU vendors' stock price effects on change of Bitcoin Closing Price. And we confirmed U.S. dollar index futures moved in the opposite direction with change of Bitcoin Closing Price. It moved like Gold. Gold was considered as a safe asset to consumers and it means consumer think that Bitcoin is a safe asset. On the other hand, WTI oil price went Bitcoin Closing Price's way. It implies that Bitcoin are regarded to investment asset like raw materials market's product. The variables that were not significant in the analysis were search traffic of bitcoin, search traffic of ransomware, search traffic of war, memory vendor's stock price, FOMC policy interest rates. In search traffic of bitcoin, we judged that interest in Bitcoin did not lead to purchase of Bitcoin. It means search traffic of Bitcoin didn't reflect all of Bitcoin's demand. So, it implies there are some factors that regulate and mediate the Bitcoin purchase. In search traffic of ransomware, it is hard to say concern of ransomware determined the whole Bitcoin demand. Because only a few people damaged by ransomware and the percentage of hackers requiring Bitcoins was low. Also, its information security problem is events not continuous issues. Search traffic of war was not significant. Like stock market, generally it has negative in relation to war, but exceptional case like Gulf war, it moves stakeholders' profits and environment. We think that this is the same case. In memory vendor stock price, this is because memory vendors' flagship products were not VRAM which is essential for Bitcoin supply. In FOMC policy interest rates, when the interest rate is low, the surplus capital is invested in securities such as stocks. But Bitcoin' price fluctuation was large so it is not recognized as an attractive commodity to the consumers. In addition, unlike the stock market, Bitcoin doesn't have any safety policy such as Circuit breakers and Sidecar. Through this study, we verified what factors effect on change of Bitcoin Closing Price, and interpreted why such change happened. In addition, establishing the characteristics of Bitcoin as a safe asset and investment asset, we provide a guide how consumer, financial institution and government organization approach to the cryptocurrency. Moreover, corroborating the factors affecting change of Bitcoin Closing Price, researcher will get some clue and qualification which factors have to be considered in hereafter cryptocurrency study.

A Collaborative Video Annotation and Browsing System using Linked Data (링크드 데이터를 이용한 협업적 비디오 어노테이션 및 브라우징 시스템)

  • Lee, Yeon-Ho;Oh, Kyeong-Jin;Sean, Vi-Sal;Jo, Geun-Sik
    • Journal of Intelligence and Information Systems
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    • v.17 no.3
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    • pp.203-219
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    • 2011
  • Previously common users just want to watch the video contents without any specific requirements or purposes. However, in today's life while watching video user attempts to know and discover more about things that appear on the video. Therefore, the requirements for finding multimedia or browsing information of objects that users want, are spreading with the increasing use of multimedia such as videos which are not only available on the internet-capable devices such as computers but also on smart TV and smart phone. In order to meet the users. requirements, labor-intensive annotation of objects in video contents is inevitable. For this reason, many researchers have actively studied about methods of annotating the object that appear on the video. In keyword-based annotation related information of the object that appeared on the video content is immediately added and annotation data including all related information about the object must be individually managed. Users will have to directly input all related information to the object. Consequently, when a user browses for information that related to the object, user can only find and get limited resources that solely exists in annotated data. Also, in order to place annotation for objects user's huge workload is required. To cope with reducing user's workload and to minimize the work involved in annotation, in existing object-based annotation automatic annotation is being attempted using computer vision techniques like object detection, recognition and tracking. By using such computer vision techniques a wide variety of objects that appears on the video content must be all detected and recognized. But until now it is still a problem facing some difficulties which have to deal with automated annotation. To overcome these difficulties, we propose a system which consists of two modules. The first module is the annotation module that enables many annotators to collaboratively annotate the objects in the video content in order to access the semantic data using Linked Data. Annotation data managed by annotation server is represented using ontology so that the information can easily be shared and extended. Since annotation data does not include all the relevant information of the object, existing objects in Linked Data and objects that appear in the video content simply connect with each other to get all the related information of the object. In other words, annotation data which contains only URI and metadata like position, time and size are stored on the annotation sever. So when user needs other related information about the object, all of that information is retrieved from Linked Data through its relevant URI. The second module enables viewers to browse interesting information about the object using annotation data which is collaboratively generated by many users while watching video. With this system, through simple user interaction the query is automatically generated and all the related information is retrieved from Linked Data and finally all the additional information of the object is offered to the user. With this study, in the future of Semantic Web environment our proposed system is expected to establish a better video content service environment by offering users relevant information about the objects that appear on the screen of any internet-capable devices such as PC, smart TV or smart phone.

The Development of On-Line Statistics Program for Radiation Oncology (방사선종양학과 On-line 통계처리프로그램의 개발)

  • Kim Yoon-Jong;Lee Dong-Hoon;Ji Young-Hoon;Lee Dong-Han;Jo Chul-Ku;Kim Mi-Sook;Ru Sung-Rul;Hong Seung-Hong
    • Radiation Oncology Journal
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    • v.19 no.4
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    • pp.369-380
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    • 2001
  • Purpose : By developing on-line statistics program to record the information of radiation oncology to share the information with internet. It is possible to supply basic reference data for administrative plans to improve radiation oncology. Materials and methods : The information of radiation oncology statistics had been collected by paper forms about 52 hospitals in the past. Now, we can input the data by internet web browsers. The statistics program used windows NT 4.0 operation system, Internal Information Server 4.0 (IIS4.0) as a web server and the Microsoft Access MDB. We used Structured Query Language (SQL), Visual Basic, VBScript and JAVAScript to display the statistics according to years and hospitals. Results : This program shows present conditions about man power, research, therapy machines, technics, brachytherapy, clinic statistics, radiation safety management, institution, quality assurance and radioisotopes in radiation oncology department. The database consists of 38 inputs and 6 outputs windows. Statistical output windows can be increased continuously according to user's need. Conclusion : We have developed statistics program to process all of the data in department of radiation oncology for reference information. Users easily could input the data by internet web browsers and share the information.

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An analysis of the Domestic Interior Materials as the Ecological Design Aspects (친환경측면에서 본 국내 실내건축자재의 현황 조사 및 분석)

  • Chun Jin-Hie;Kim Jung-Ah
    • Archives of design research
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    • v.19 no.4 s.66
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    • pp.133-144
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    • 2006
  • According to the latest report by the Customer Protection Board, those who moved into newly constructed buildings are complaining about unidentified pains, asking for more careful selection of constructive materials for prevention of such potential problems. It is internationally recognized today that ecological materials can serve a significant factor for users' health, environmental protection and better industrial competitiveness. This study examined eco-design aspects of each interior material through web site search, in order to help customers learn about and capitalize on eco materials in a proper manner. As a result, 1. It turned out that the domestic industry are giving an impetus to releasing new eco items focusing on lower VOCs emission or addition of functional components as part of the marketing strategy. However, it is recommended that company understand significance of life cycle, and produce eco-concept materials. 2. The reliable standard for choosing the domestic material is EL, HB, GR marks. It is desirable to enhance recycling technologies and expand the sustainable consumption. customer class, since many recycled items are not developed. 3. The sourcing is a vulnerable part in terms of the concept of being environment-friendly material. Therefore, many manufacturers should design the easy knock-down products and produce the good items using recycled materials instead of new raw materials. Also solutions for making the energy from burning material should be studied. 4. The guidebook or manual with correct information about eco-materials is required to promote production and consumption with sustainable concept. 5. Many manufacturers are emphasizing ecological materials for customers, but some of them intended to disrupt customers' proper selection by promoting even unverified items to be environment-friendly.

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Query-based Answer Extraction using Korean Dependency Parsing (의존 구문 분석을 이용한 질의 기반 정답 추출)

  • Lee, Dokyoung;Kim, Mintae;Kim, Wooju
    • Journal of Intelligence and Information Systems
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    • v.25 no.3
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    • pp.161-177
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    • 2019
  • In this paper, we study the performance improvement of the answer extraction in Question-Answering system by using sentence dependency parsing result. The Question-Answering (QA) system consists of query analysis, which is a method of analyzing the user's query, and answer extraction, which is a method to extract appropriate answers in the document. And various studies have been conducted on two methods. In order to improve the performance of answer extraction, it is necessary to accurately reflect the grammatical information of sentences. In Korean, because word order structure is free and omission of sentence components is frequent, dependency parsing is a good way to analyze Korean syntax. Therefore, in this study, we improved the performance of the answer extraction by adding the features generated by dependency parsing analysis to the inputs of the answer extraction model (Bidirectional LSTM-CRF). The process of generating the dependency graph embedding consists of the steps of generating the dependency graph from the dependency parsing result and learning the embedding of the graph. In this study, we compared the performance of the answer extraction model when inputting basic word features generated without the dependency parsing and the performance of the model when inputting the addition of the Eojeol tag feature and dependency graph embedding feature. Since dependency parsing is performed on a basic unit of an Eojeol, which is a component of sentences separated by a space, the tag information of the Eojeol can be obtained as a result of the dependency parsing. The Eojeol tag feature means the tag information of the Eojeol. The process of generating the dependency graph embedding consists of the steps of generating the dependency graph from the dependency parsing result and learning the embedding of the graph. From the dependency parsing result, a graph is generated from the Eojeol to the node, the dependency between the Eojeol to the edge, and the Eojeol tag to the node label. In this process, an undirected graph is generated or a directed graph is generated according to whether or not the dependency relation direction is considered. To obtain the embedding of the graph, we used Graph2Vec, which is a method of finding the embedding of the graph by the subgraphs constituting a graph. We can specify the maximum path length between nodes in the process of finding subgraphs of a graph. If the maximum path length between nodes is 1, graph embedding is generated only by direct dependency between Eojeol, and graph embedding is generated including indirect dependencies as the maximum path length between nodes becomes larger. In the experiment, the maximum path length between nodes is adjusted differently from 1 to 3 depending on whether direction of dependency is considered or not, and the performance of answer extraction is measured. Experimental results show that both Eojeol tag feature and dependency graph embedding feature improve the performance of answer extraction. In particular, considering the direction of the dependency relation and extracting the dependency graph generated with the maximum path length of 1 in the subgraph extraction process in Graph2Vec as the input of the model, the highest answer extraction performance was shown. As a result of these experiments, we concluded that it is better to take into account the direction of dependence and to consider only the direct connection rather than the indirect dependence between the words. The significance of this study is as follows. First, we improved the performance of answer extraction by adding features using dependency parsing results, taking into account the characteristics of Korean, which is free of word order structure and omission of sentence components. Second, we generated feature of dependency parsing result by learning - based graph embedding method without defining the pattern of dependency between Eojeol. Future research directions are as follows. In this study, the features generated as a result of the dependency parsing are applied only to the answer extraction model in order to grasp the meaning. However, in the future, if the performance is confirmed by applying the features to various natural language processing models such as sentiment analysis or name entity recognition, the validity of the features can be verified more accurately.

Analysis of Research Trends in Journal of Distribution Science (유통과학연구의 연구 동향 분석 : 창간호부터 제8권 제3호까지를 중심으로)

  • Kim, Young-Min;Kim, Young-Ei;Youn, Myoung-Kil
    • Journal of Distribution Science
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    • v.8 no.4
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    • pp.5-15
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    • 2010
  • This study investigated research trends of JDS that KODISA published and gave implications to elevate quality of scholarly journals. In other words, the study classified scientific system of distribution area to investigate research trends and to compare it with other scholarly journals of distribution and to give implications for higher level of JDS. KODISA published JDS Vol.1 No.1 for the first time in 1999 followed by Vol.8 No.3 in September 2010 to show 109 theses in total. KODISA investigated subjects, research institutions, number of participants, methodology, frequency of theses in both the Korean language and English, frequency of participation of not only the Koreans but also foreigners and use of references, etc. And, the study investigated JDR of KODIA, JKDM(The Journal of Korean Distribution & Management) and JDA that researched distribution, so that it found out development ways. To investigate research trends of JDS that KODISA publishes, main category was made based on the national science and technology standard classification system of MEST (Ministry Of Education, Science And Technology), table of classification of research areas of NRF(National Research Foundation of Korea), research classification system of both KOREADIMA and KLRA(Korea Logistics Research Association) and distribution science and others that KODISA is looking for, and distribution economy area was divided into general distribution, distribution economy, distribution, distribution information and others, and distribution management was divided into distribution management, marketing, MD and purchasing, consumer behavior and others. The findings were as follow: Firstly, main category occupied 47 theses (43.1%) of distribution economy and 62 theses (56.9%) of distribution management among 109 theses in total. Active research area of distribution economy consisted of 14 theses (12.8%) of distribution information and 9 theses (8.3%) of distribution economy to research distribution as well as distribution information positively every year. The distribution management consisted of 25 theses (22.9%) of distribution management and 20 theses (18.3%) of marketing, These days, research on distribution management, marketing, distribution, distribution information and others is increasing. Secondly, researchers published theses as follow: 55 theses (50.5%) by professor by himself or herself, 12 theses (11.0%) of joint research by professors and businesses, Professors/students published 9 theses (8.3%) followed by 5 theses (4.6%) of researchers, 5 theses (4.6%) of businesses, 4 theses (3.7%) of professors, researchers and businesses and 2 theses (1.8%) of students. Professors published theses less, while businesses, research institutions and graduate school students did more continuously. The number of researchers occupied single researcher (43 theses, 39.5%), two researchers (42 theses, 38.5%) and three researchers or more (24 theses, 22.0%). Thirdly, professors published theses the most at most of areas. Researchers of main category of distribution economy consisted of professors (25 theses, 53.2%), professors and businesses (7 theses, 14.9%), professors and businesses (7 theses, 14.9%), professors and researchers (6 theses, 12.8%) and professors and students (3 theses, 6.3%). And, researchers of main category of distribution management consisted of professors (30 theses, 48.4%), professors and businesses (10 theses, 16.1%), and professors and researchers as well as professors and students (6 theses, 9.7%). Researchers of distribution management consisted of professors, professors and businesses, professors and researchers, researchers and businesses, etc to have various types. Professors mainly researched marketing, MD and purchasing, and consumer behavior, etc to demand active participation of businesses and researchers. Fourthly, research methodology was: Literature research occupied 45 theses (41.3%) the most followed by empirical research based on questionnaire survey (44 theses, 40.4%). General distribution, distribution economy, distribution and distribution management, etc mostly adopted literature research, while marketing did empirical research based on questionnaire survey the most. Fifthly, theses in the Korean language occupied 92.7% (101 theses), while those in English did 7.3% (8 theses). No more than one thesis in English was published until 2006, and 7 theses (11.9%) were published after 2007 to increase. The theses in English were published more to be affirmative. Foreigner researcher published one thesis (0.9%) and both Korean researchers and foreigner researchers jointly published two theses (1.8%) to have very much low participation of foreigner researchers. Sixthly, one thesis of JDS had 27.5 references in average that consisted of 11.1 local references and 16.4 foreign references. And, cited times was 0.4 thesis in average to be low. The distribution economy cited 24.2 references in average (9.4 local references and 14.8 foreign references and JDS had 0.6 cited reference. The distribution management had 30.0 references in average (12.1 local references and 17.9 foreign references) and had 0.3 reference of JDS itself. Seventhly, similar type of scholarly journal had theses in the Korean language and English: JDR( Journal of Distribution Research) of KODIA(Korea Distribution Association) published 92 theses in the Korean language (96.8%) and 3 theses in English (3.2%), that is to say, 95 theses in total. JKDM of KOREADIMA published 132 theses in total that consisted of 93 theses in the Korean language (70.5%) and 39 theses in English (29.5%). Since 2008, JKDM has published scholarly journal in English one time every year. JDS published 52 theses in the Korean language (88.1%) and 7 theses in English (11.9%), that is to say, 59 theses in total. Sixthly, similar type of scholarly journals and research methodology were: JDR's research methodology had 65 empirical researches based on questionnaire survey (68.4%), followed by 17 literature researches (17.9%) and 11 quantitative analyses (11.6%). JKDM made use of various kinds of research methodologies to have 60 questionnaire surveys (45.5%), followed by 40 literature researches (30.3%), 21 quantitative analyses (15.9%), 6 system analyses (4.5%) and 5 case studies (3.8%). And, JDS made use of 30 questionnaire surveys (50.8%), followed by 15 literature researches (25.4%), 7 case studies (11.9%) and 6 quantitative analyses (10.2%). Ninthly, similar types of scholarly journals and Korean researchers and foreigner researchers were: JDR published 93 theses (97.8%) by Korean researchers except for 1 thesis by foreigner researcher and 1 thesis by joint research of the Korean researchers and foreigner researchers. And, JKDM had no foreigner research and 13 theses (9.8%) by joint research of the Korean researchers and foreigner researchers to have more foreigner researchers as well as researchers in foreign countries than similar types of scholarly journals had. And, JDS published 56 theses (94.9%) of the Korean researchers, one thesis (1.7%) of foreigner researcher only, and 2 theses (3.4%) of joint research of both the Koreans and foreigners. Tenthly, similar type of scholarly journals and reference had citation: JDR had 42.5 literatures in average that consisted of 10.9 local literatures (25.7%) and 31.6 foreign literatures (74.3%), and cited times accounted for 1.1 thesis to decrease. JKDM cited 10.5 Korean literatures (36.3%) and 18.4 foreign literatures (63.7%), and number of self-cited literature was no more than 1.1. Number of cited times accounted for 2.9 literatures in 2008 and then decreased continuously since then. JDS cited 26,8 references in average that consisted of 10.9 local references (40.7%) and 15.9 foreign references (59.3%), and number of self-cited accounted for 0.2 reference until 2009, and it increased to be 2.1 references in 2010. The author gives implications based on JDS research trends and investigation on similar type of scholarly journals as follow: Firstly, JDS shall actively invite foreign contributors to prepare for SSCI. Secondly, ratio of theses in English shall increase greatly. Thirdly, various kinds of research methodology shall be accepted to elevate quality of scholarly journals. Fourthly, to increase cited times, Google and other web retrievals shall be reinforced to supply scholarly journals to foreign countries more. Local scholarly journals can be worldwide scholarly journal enough to be acknowledged even in foreign countries by improving the implications above.

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